) on Monday flagged a softer revenue growth outlook and dropped a key growth target for next year, after posting a more-than-expected 18% drop in quarterly pre-tax profit.
Pre-tax profit at Europe’s biggest bank by assets was $4.8 billion for the third quarter ended Sept. 30, versus $5.9 billion a year earlier, HSBC said in a statement to the Hong Kong stock exchange.The Hong Kong-listed shares of HSBC fell more than 2% as trading resumed after the mid-day break. “However, in some parts, performance was not acceptable... Our previous plans are no longer sufficient to improve performance for these businesses, given the softer outlook for revenue growth.”
“These actions, or any continuing deterioration in the revenue environment, could result in significant charges in 4Q19 and subsequent periods, including the possible impairment of goodwill and additional restructuring charges.”
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